The problem of late payment has become so acute across the UK economy, and has such a heavy impact upon SMEs, that the government has originated the role of “Small Business Commissioner” to tackle the matter head on.  

According to research conducted by Bacs Payment Schemes, 47% of SMEs surveyed are paid late by their customers on a regular basis. Even more shocking is that the average small business is owed £32,185 in late payments. Credit control software, such as LATERAL, is the innovative means by which late payments can be prevented.

Businesses, local authorities, government agencies and law firms still spend an unwarranted amount of time attending to administrative tasks and looking for much-needed information. This can be a drain on resources and can have a direct impact on cash flow. Matter management systems, such as LATERAL, are complex software applications, which are intended to help organisations become more efficient and productive. The old adage is true: time is money. And so organisations can thrive if they can devote less time to certain tasks and procedures.  

Your goal is prompt and successful debt recovery, but what methods or processes might be inhibiting you?

How can case management software help your business?

39% of UK businesses spend up to 4 hours per week chasing invoices. Their credit control methods have to improve.

Up and down the country local authorities are pursuing various debt recovery methods. But what are the secrets to success?

Parking fine debt collection can be a challenging and time consuming process. So what tips can you implement to achieve success?

We spoke with Ian McManus, Co-Founder and CTO of LATERAL, to get his insight on today’s tech climate.

Names are important, and we have decided to change ours. We originated with the name ClickDebt, but as our business has evolved, so as our name, and we now proudly call ourselves LATERAL.

Now AI can vastly improve debt collection processes by delivering previously unattainable effectiveness and efficiently levels.

It is essential that lenders leverage all potential channels of communication to reach delinquent borrowers.

The number of debtor days refers to the amount of time it takes for a creditor to recoup their debt. Reducing the time of the average collection period is a vital component in ensuring your financial solvency.

The use of debt collection software and credit control software is key to improving the organisation and efficiency of your collections process. But what should you be looking for when investing in this technology?

According to recent search by Direct Line for Business, small and medium sized enterprises (SMEs) wrote off a total of £5.8 billion in debt over the last financial year.

Running a successful debt collection agency can reap mammoth rewards. But the path to success can be very challenging. Here we outline the characteristics and methods of a great debt collection agency: 

Lateral is thrilled to announce that it will be supplying C & L Collections (Corporate and Legal Collections) with automated debt collection workflows. Lateral Co-Founder, Ian McManus, is excited about the partnership: “It’s with great pride that we announce this new working relationship with C & L Collections. They’re one of the most successful debt recovery teams around. Lateral stand proudly at the forefront of innovation in the debt collection automation, and we’re delighted that C & L have selected us as their partner of choice”.